BlackRock withdrew 1,104.45 BTC (~$71.4M) from Coinbase Prime to its IBIT Bitcoin ETF wallet, signaling continued institutional accumulation.
Macro & Markets ·
BlackRock moved 1,104.45 BTC worth approximately $71.40 million from Coinbase Prime to its IBIT Bitcoin ETF wallet, according to on-chain tracking data. The transfer represents a withdrawal of the Bitcoin holdings from a centralized exchange to storage controlled by the spot Bitcoin ETF product.
The movement reflects ongoing institutional positioning in Bitcoin through the IBIT vehicle. Such transfers from CEX custody to dedicated ETF wallets typically indicate accumulation activity as institutions manage their digital asset holdings.
It remains unclear whether this withdrawal was part of a broader portfolio rebalancing, a response to market conditions, or a routine custody adjustment by the fund. The timing and frequency of similar moves may provide additional context on institutional Bitcoin demand through the ETF channel.